This weekly close will be important for Bitcoin
Price is sitting on a crucial price point at the moment in which it could break out from a resistance established over 3 months ago. Should this happen, I would expect a volatile price development to come with price retesting the psychological $100k threshold. The only thing remaining for a confirmation is a break out on the weekly chart. The daily chart saw a bigger volume spike yesterday and with today could be the third green candle in a row.
In my last post I gave this outlook which seemed rather ambitious given the (still) bearish sentiment. But I think it's looking good so far; if the weekly chart confirms the break out it seems like we are right on track.
Here is a close up of the current weekly chart. We can see that price is trying to break through the same resistance.
Conclusion
Setting a target of over $400k for Bitcoin in 2026 definitely feels like it is the underdog scenario. But things could move very fast as soon as the "4 year cycle sellers" start to fomo when price goes back above $100k. Twitter seems once again evenly divided over the bull or bear scenario. There are good charts out there which favor either one. Perhaps I am irrationally hopeful, but 2026 is supposed to be a good year for finances as well...
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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